Ahmedabad: Adani Energy Solutions Limited (AESL) has announced the signing of a binding securities purchase and subscription agreement to acquire a 100% stake in IntelliSmart Infrastructure Private Limited, marking a major consolidation move in India’s rapidly expanding smart metering sector.
The transaction, valued at approximately ₹3,050 crore, will include the purchase of IntelliSmart’s equity share capital along with the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF). The deal is subject to regulatory and customary approvals.
Once completed, the acquisition is expected to position Adani Energy Solutions Limited as India’s largest smart metering platform, with a combined portfolio of over 4.7 crore smart meters across the country.
IntelliSmart Infrastructure Private Limited, a joint venture between NIIF and Energy Efficiency Services Limited (EESL), is currently among India’s leading smart meter operators, managing more than 2.2 crore smart meters across key states including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.
According to the company, the acquisition aligns with AESL’s strategy to expand its presence in technology-led energy infrastructure and strengthen its role in the ongoing modernization of India’s power distribution ecosystem.
Kandarp Patel, CEO of AESL, said the acquisition will enhance the company’s scale and execution capabilities while supporting the digitisation of India’s power distribution network. He added that the integration is expected to deliver operational synergies through improved efficiency and cost optimisation.
Anil Rawal described the transaction as a significant milestone that will accelerate digital transformation in the power distribution sector and strengthen IntelliSmart’s ability to serve utilities at scale.
National Investment and Infrastructure Fund noted that the transaction reflects its broader infrastructure strategy focused on building and scaling high-impact platforms in emerging sectors. The fund highlighted that the deal enables value creation while continuing to attract institutional capital into India’s energy transition.
Energy Efficiency Services Limited also welcomed the development, stating that IntelliSmart has played a key role in advancing energy efficiency and digital transformation in India’s power sector.
Legal advisory for the transaction was provided by Cyril Amarchand Mangaldas to AESL, while Talwar Thakore & Associates advised the sellers. Deloitte Touche Tohmatsu India served as the exclusive transaction advisor to the sellers.
The acquisition marks a significant step in the consolidation of India’s smart metering industry, which is increasingly becoming central to improving billing efficiency, reducing power losses, and enabling real-time energy monitoring across distribution networks.
